News: UGL naval joint venture

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    UGL Limited (ASX:UGL) has announced a 50:50 joint venture with British naval company Babcock Pty Ltd.



    The alliance will provide Naval surface maintenance services for the ANZAC ship group maintenance contract.



    The joint venture agreement is worth $300 million over five years.



    UGL’s says, the combined expertise of UGL and Babcock offers the Commonwealth Government a low risk transition and roadmap to total asset management.



    UGL reported a net profit of $55.5 million for its first half figures this year. 


 
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